Hut 8 joins rank of top 10 largest public bitcoin holders with over 13,000 BTC

Bitcoin miner and energy infrastructure firm Hut 8 (ticker HUT) grew its bitcoin reserve by over 50% over the past year. 

The firm held 13,696 BTC worth about $1.6 billion as of the end of Q3 2025 on Sept. 30, up from 9,106 BTC from the period in 2024, according to a release on Tuesday. 

This pushes Hut 8 into the top 10 largest publicly traded bitcoin holders, ahead of CleanSpark with 13,011 coins, according to Bitcoin Treasuries' ranking. It also makes Hut 8 the third-largest bitcoin miner by stockpiled BTC, behind MARA and Riot. 

Approximately $70 million of Hut 8’s third-quarter revenue came from bitcoin mining, primarily through its majority-owned subsidiary American Bitcoin Corp. (ticker ABTC) — formed through a partnership with the Trump family — as well as its GPU-as-a-Service and cloud computing business lines. 

The American Bitcoin subsidiary, which began trading on Nasdaq following a stock-for-stock merger with Gryphon Digital Mining, also added ~14.8 exahash-per-second (EH/s) to Hut 8’s total hashrate, more than doubling it from ~12.0 EH/s to ~26.8 EH/s.

Like many other miners, Hut 8 has been expanding into energy and high-performance compute services in a bid to diversify from the increasingly competitive mining sector. In Q3, it generated $8.4 million from power generation and managed services and $5.1 million from colocation services.

Notably, Hut 8 also launched a new $1 billion at-the-market equity program and a new $200 million revolver with Two Prime after terminating a prior ATM program. 

“Supported by a fortress balance sheet, disciplined capital framework, and diversified platform spanning Power, Digital Infrastructure, and Compute, we are executing from a position of strength,” Hut 8 CEO Asher Genoot said in a statement. 

HUT stock is down over 9% at press time to below $50, according to The Block’s price page. The stock is currently the fifth-worst daily performer in The Block’s list of crypto equities, behind rival mining firms Canaan, Greenidge, and Argo, as well as Solana treasury firm Sol Strategies, all down double digits.